The move is highly controversial because it reduces the number of companies that operate mobile networks in the UK. It still needs regulatory clearance. Only EE, Vodafone, O2 and Three actually own their own networks. Other providers, such as Virgin or Tesco, rent space on the airwaves.

Critics of the move say that when the number of network owners decreases from four to three, prices for consumers tend to rise.

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O2 and Three’s combined businesses will have over 30m users, making it larger than current leader EE.

EE is separately being bought by BT for £12.5bn as the former state-owned monopoly provider seeks to expand the number of services it provides. O2 boss Ronan Dunn said: ‘Our priority is to continue to look after our customers.’